Tariff Gamble
US President Donald Trump has once again turned to tariffs as a tool to reshape global trade. The latest round of levies introduces a 10 per cent baseline tariff on all imports while imposing higher duties on select countries.
India’s trade deficit eased to $20.78 billion in September as merchandise imports growth slowed to 1.6%, the data issued by the Ministry of Commerce and Industry said.
The merchandise exports grew 0.5% due to muted global demand amid geopolitical challenges.
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Merchandise exports during September 2024 were USD 34.58 Billion as compared to USD 34.41 Billion in September 2023. Merchandise imports during September 2024 were USD 55.36 Billion as compared to USD 54.49 Billion in September 2023.
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The cumulative value of merchandise exports during April-September 2024 was USD 213.22 Billion, as compared to USD 211.08 Billion during April-September 2023, registering a positive growth of 1.02%.
India’s total exports, Merchandise, and Services combined, for September 2024 is estimated at USD 65.19 Billion, registering a positive growth of 3.76% vis-à-vis September 2023, the Commerce Ministry said.
While the total imports for September 2024 are estimated at USD 71.68 Billion, registering a positive growth of 3.79% vis-à-vis September 2023.
Exports of non-petroleum and non-gems & jewellery in September 2024 were USD 27.03 Billion compared to USD 24.76 Billion in September 2023. While the imports in September 2024 were USD 36.49 Billion compared to USD 34.21 Billion in September 2023.
Government data said the estimated value of services exported for September 2024 is USD 30.61 Billion as compared to USD 28.42 Billion in September 2023. The services imports for September 2024 are USD 16.32 Billion as compared to USD 14.58 Billion in September 2023.
Services exports are estimated to grow by 9.81% during April-September 2024 over April-September 2023, the Commerce Ministry predicted.
As per the ministry data, the top 5 export destinations, in terms of change in value, exhibiting positive growth in September 2024 are the Netherlands (38.6%), U Arab Emts (23.75%), USA (4.98%), Brazil (41.98%) and Japan (36.35%).
The top 5 import sources, in terms of change in value, exhibiting growth in September 2024 are UAE (49.22%), China (14.46%), Germany (32.52%), Japan (25.72%), and Taiwan (38.17%).
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